EUR/USD Technical Analysis: Confirms a near-term bearish breakdown on dismal Euro-zone PMIs

Haresh Menghani FXStreet

• After repeated failures near the 1.1320-30 region, the pair came under some renewed selling pressure on Thursday and tumbled to fresh weekly on dismal Euro-zone PMI prints.

• The negative momentum dragged the pair below 200-hour SMA and the lower end of a short-term ascending trend-channel formation, confirming a near-term bearish breakdown.

• Oscillators have been gaining negative traction on 4-hourly/daily charts but are already pointing to slightly oversold conditions on the 1-hourly charts, warranting some consolidation.

• However, the set-up now seems to have turned firmly in favor of bearish traders and hence, a follow-through weakness, towards testing the 1.1200 mark, remains a distinct possibility.

EUR/USD 1-hourly chart

EUR/USD

Overview
Today last price	1.1271
Today Daily Change	-0.0025
Today Daily Change %	-0.22
Today daily open	1.1296

Trends
Daily SMA20	1.1264
Daily SMA50	1.1298
Daily SMA100	1.1349
Daily SMA200	1.1443

Levels
Previous Daily High	1.1324
Previous Daily Low	1.1279
Previous Weekly High	1.1326
Previous Weekly Low	1.1213
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1307
Daily Fibonacci 61.8%	1.1296
Daily Pivot Point S1	1.1275
Daily Pivot Point S2	1.1254
Daily Pivot Point S3	1.1229
Daily Pivot Point R1	1.132
Daily Pivot Point R2	1.1345
Daily Pivot Point R3	1.1366

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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